December 5, 2022

Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today. 

A prominent Senator has called out the U.S. Security and Exchange Commission, reprimanding their moves toward crypto firms and companies. Senator Tom made the accusation during a meeting with the finance committee. He stated that the commission abuses its regulatory power, making unconstitutional moves and decisions. 

Alleged Power Abuse by Security and Exchange Commission

The rules and decisions made by the United States SEC have begun to generate mixed reactions from citizens. The Commission keeps laying out strict rules for cryptocurrency space/industry regulation. Most of which are claimed to protect crypto traders and innocent citizens from scams, frauds, rug pulls, and other illicit activities. 

However, it seems the regulatory actions and policy structures made by the commission are unethical. The regulatory framework seems unconstitutional and hostile against digital assets firms and exchanges.

Earlier, the Minnesota Senator grilled the commission for rolling out structures that discourages digital assets/currency companies’ establishment. Senator Tom further accused that the regulations and policy structure were politically inclined to favor and grill some companies. 

Senator Tom mentioned that the ‘industry sweeps’ enforced by Garry Gensler, the commission chairman, were highly violating. He claimed that the SEC was regulating and moving against crypto firms and platforms outside its territory and authority. Gubir Grewal, the director of the commission, was accused of being at the forefront, implementing all the unethical laws. 

The SEC was accused of taking non-judicial actions against cryptocurrency companies and firms outside the territory that refuse to abide by their regulations. Such crypto companies were said to have rejected being accountable or questioned by the SEC. 

SEC Admits to Taking Action Out of Jurisdiction

After many accusations and reports from different firms, the director admitted guilty. Gurbir Grewal affirmed that they took actions against crypto platforms outside their territory. Although, he never confirmed or consented that their actions were illegal and non-judicial. 

Tom stated the act was a deliberate attempt to enlarge their sovereignty. The act by the commission is highly unconstitutional and barbaric. Some crypto companies even reported that the SEC threatens them. 

Senator Tom stated that “The actions of the commission have continued to worsen and abusive since the appointment of Gensler as the leader. The commission has become a power-drunk politicizing body, threatening crypto companies and prohibiting good regulations. I believe their actions are highly violating and hostile towards the digital industry and space”.

SEC was also grilled by another congressman, Sherman Brad, who stated that the implementation plan against crypto platforms and firms was illegal. They were also accused of being hypocritical. They regulated and chased after certain companies ignoring major crypto platforms and companies. 

A few days ago, the SEC chairman, Gensler, announced his support for Bitcoin and cryptocurrencies. He stated that the commission would relax some regulations to allow more establishments in cryptocurrency.

trade now

Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.

Leave a Reply

Your email address will not be published.

Only $250 and you're Rich - Simple way to make $1,372/Day Learn More
Skip to content